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District Court for the Northern District of Georgia.
−Removed: Plaintiff purports to represent a class of investors in Horizon Private Equity, III, LLC (“Horizon”).
−Removed: Horizon is alleged to be a fraudulent scheme and plaintiff is seeking unspecified damages sounding in violations of the Georgia RICO statute, breach of fiduciary duty, procurement of breach of fiduciary duty, negligent misrepresentation, aiding and abetting fraud, unjust enrichment, punitive damages and attorneys’ fees.
−Removed: Plaintiff does not allege Oppenheimer received any of the funds invested in Horizon, but rather that Oppenheimer’s purported failure to properly supervise its employees allowed the alleged scheme to occur and continue.
+Added: Plaintiff purported to represent a class of investors in Horizon Private Equity, III, LLC (“Horizon”).
+Added: Horizon is alleged to be a fraudulent scheme and the plaintiff was seeking unspecified damages sounding in violations of the Georgia RICO statute, breach of fiduciary duty, procurement of breach of fiduciary duty, negligent misrepresentation, aiding and abetting fraud, unjust enrichment, punitive damages and attorneys’ fees.
+Added: Plaintiff did not allege Oppenheimer received any of the funds invested in Horizon, but rather that Oppenheimer’s purported failure to properly supervise its employees allowed the alleged scheme to occur and continue.
On November 22, 2021, Oppenheimer filed a motion to dismiss the complaint on a number of grounds.
The motion to dismiss was fully briefed on January 17, 2022, and the Court heard oral argument on the motion on June 21, 2022.
−Removed: Oppenheimer believes the claims to be without merit and intends to vigorously defend itself against the claims made in this action.
−Removed: In addition to the class action described in the preceding paragraph Oppenheimer has also been named as a respondent in twenty-four arbitrations, many containing multiple claimants, each filed before FINRA, relating to investments made by former Oppenheimer clients who invested in Horizon.
+Added: On August 17, 2022, the Court granted Oppenheimer’s motion and dismissed the complaint without prejudice.
+Added: On September 21, 2022, 6694 Dawson Blvd, LLC filed a first amended complaint solely on behalf of itself based on substantially the same allegations as the original complaint seeking unspecified damages sounding solely in violations of the Georgia RICO statute.
+Added: On October 14, 2022, Oppenheimer filed a motion to dismiss the first amended complaint on a number of grounds.
+Added: On October 21, 2022, 6694 Dawson Blvd, LLC voluntarily dismissed its first amended complaint without prejudice, thereby terminating the action.
+Added: In addition to the class action described in the preceding paragraph Oppenheimer has also been named as a respondent in twenty-eight arbitrations, many containing multiple claimants, each filed before FINRA, relating to investments made by former Oppenheimer clients who invested in Horizon.
Claimants allege many of the causes of action alleged in the class action described in the preceding paragraph.
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Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
−Removed: During the six months ended June 30, 2022, there were no material changes to the information contained in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
+Added: One arbitration entitled Donald Robinson, Timothy and Sharon Padden, Rhett Rainey, Kelly A.
+Added: Rainey Trust, Toucan Holdings LP, Robert Goodman, Robert Daniel Burgner, Individually and as Trustee of the Burgner Family Charitable Remainder Trust, Douglas Kasemeier, Wesley Callaway, and Billy Loveless v.
+Added: Oppenheimer & Co.
+Added: (the “Robinson Arbitration”) was commenced on August 31, 2021.
+Added: On September 6, 2022, the arbitration panel found in favor of the claimants and awarded them total compensatory damages of approximately $5.7 million, RICO damages pursuant to O.C.G.A.
+Added: § 16-14-6(c) of approximately $14.2 million, and punitive damages, attorneys’ fees and costs of approximately $16.8 million.
+Added: The total amount awarded to claimants was $36,744,276 (the “Robinson Award”).
+Added: On October 6, 2022, Oppenheimer filed a motion to vacate the Robinson Award with the Superior Court of DeKalb County, Georgia based on, among other defects, arbitrator bias, failure to postpone the hearing to permit key witnesses to testify, and manifest disregard of the law.
+Added: On October 18, 2022, the claimants in the Robinson Arbitration filed a petition to confirm the Arbitration Award.
+Added: Oppenheimer intends to vigorously pursue vacatur of the Robinson Award.
+Added: On June 30, 2022, the Company received a "Wells Notice" from the SEC requesting that Oppenheimer make a written submission to the SEC to explain why Oppenheimer should not be charged with violations of Section 15c2-12 of the Exchange Act and Rule15c2-12 thereunder as well as Municipal Securities Rulemaking Board Rules G-17 and G-27 in relation to its sales of municipal notes pursuant to an exemption from continuing disclosure contained in Rule 15c2-12.
+Added: On September 13, 2022, the SEC filed a complaint against Oppenheimer in the United States District Court for the Southern District of New York (the “Court”) alleging that Oppenheimer violated Section 15B(c)(1) of the Exchange Act and Rule15c2-12 thereunder as well as Municipal Securities Rulemaking Board Rules G-17 and G-27 for not having fully complied with the exemption from the continuing disclosure obligations under Rule 15c2-12.
+Added: The SEC asked the Court to enter an order enjoining Oppenheimer from violating the above referenced rules and requiring it to disgorge approximately $1.9 million plus interest.
+Added: The Company believes such claim to be without merit and intends to vigorously defend itself against any such claim.
+Added: During the nine months ended September 30, 2022, there were no material changes to the information contained in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.